Insurers’ blockchain alliance to present prototype at re/insurance conference

New system, which encompasses the entire contract live cycle, could greatly simplify the insurance business process

Insurers’ blockchain alliance to present prototype at re/insurance conference

Insurance News

By Gabriel Olano

The Blockchain Insurance Industry Initiative (B3i) will present its new prototype smart contract management system at this year’s Monte Carlo RVS conference.
B3i was formed in October 2016 to explore the potential uses of blockchain and distributed ledger technology, as well as develop common standards for the re/insurance industry. It currently has 15 members, namely: Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
The prototype system, which took three months to develop, is envisioned as greatly simplifying how the insurance industry conducts business. It covers the entire re/insurance contract life cycle, from smart contract set-up, premium settlement, and claims settlement.
B3i has extended its invitation to insurers, reinsurers, and brokers to witness its demonstration of the system’s capabilities at the conference for members, as well as the greater market, on September 10.
The annual Monte Carlo RVS conference has attracted major players of the insurance industry for the past 60 years. Aside from re/insurers and brokers, numerous legal professionals, bankers, accounting practitioners, and ratings agencies attend the event. This year’s conference will be held from September 09 to 14 at the Fairmont Monte Carlo hotel in Monaco.

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